This a true story about how UK entrepreneur Duncan Bannatyne got his start in business. He now has a net worth estimated at £320 and is the 167th richest person in Great Britain.

Bannatyne was told by his mother that, due to the family’s lack of money, he could not have a bicycle. To amend the problem he asked the local newsagents if he could have a paper round job and was told he could have one if he could get a list of one hundred interested people. Duncan painstakingly knocked on many doors and with extreme determination eventually had a list of one hundred customers. Armed with this list, young Bannatyne received the job and eventually a brand new bike.

Startup blog says: there is a strong relationship between being able to knock on doors and becoming successful entrepreneurs.

I am a fan of the rock band Talking Heads. Not only their music, but their lyrics. Some of which I find incredibly provocative to this day. Actually – most of them are ahead of their time and almost only starting to make sense to me now almost 30 years on.

One song called Seen & not seen is almost spooky. At no time in history have we been able to transform ourselves like we can now. Both socially and intellectually. As entrepreneurs – that’s our journey. Becoming an entrepreneur is all about social and economic evolution as a person. it’s about unlearning the lessons of school and previous jobs we’ve held. But more so it’s about having a vision and transforming our mind, and maybe, just maybe our physical disposition.

Read these lyrics – and just think about it. I’m not trying to be weird – rather to open your mind.

He would see faces in movies, on t.v., in magazines and in books….
He thought that some of these faces might be right for him….and
Through the years, by keeping an ideal facial structure fixed in his
Mind….or somewhere in the back of his mind….that he might, by
Force of will, cause his face to approach those of his ideal….the
Change would be very subtle….it might take ten years or so….
Gradually his face would change its shape….a more hooked nose…
Wider, thinner lips….beady eyes….a larger forehead.

He imagined that this was an ability he shared with most other
People….they had also molded their faced according to some
Ideal….maybe they imagined that their new face would better
Suit their personality….or maybe they imagined that their
Personality would be forced to change to fit the new appearance….

this is why first impressions are often correct…
Although some people might have made mistakes….they may have
Arrived at an appearance that bears no relationship to them….
They may have picked an ideal appearance based on some childish
Whim, or momentary impulse….some may have gotten half-way
There, and then changed their minds.

This song is worth a listen to as well if you can find it on itunes or the net.

One of my favourite marketing strategies is this:

A new distribution point.

The thing that is cool about this is that we don’t need to worry about whether there is demand for the product or service (the idea is to pick a category which is hot) Rather just to ensure expanded availability creates value.

Been Squeeze are on the coffee wagon.

When I first read about Coffee Drive in’s via Springwise I was a bit skeptical. But I’ve found it to be just the ticket while I’m driving down the coast for a surf. And every time I go there it’s quite busy.

Here’s what’s exactly the same with Been Squeeze and any other espresso coffee retailers:

- the coffee taste

- the price points

- the packaging

- The promotion (based on high traffic location )

Here’s whats different – the way & where you buy the coffee. So what this does for a startup is reduce strategic complexity because the ‘coffee model’ is proven. Demand for coffee exists – they are just leveraging it further. Ther are no prizes for originality in business – just making for making cool stuff and making profits.

The real kicker for me is their service which is very friendly – more like a cafe than a McDonalds. In fact on my last visit on Saturday than even asked for my other coffee cup from the previous day to put in the trash for me. And now I am talking about it.

Do you talk with your customers. I mean really talk with them? Extended meaningful chats for both parties?

The first step is to create the forum where it is possible. We do this by have our skype details on the rentoid.com contact page – it also shows when I am on line – so our members know when I am there if they have any questions.

Here’s a recent chat I had with Anne – one of our smart members who really ‘gets it’

Anne Seccombe
Hi Steve,
I got a message from Rentoid this afternoon saying a gentleman was interested in hiring my camera for a couple of days, but when we spoke on the phone he said he wasn’t interested because it didn’t have an external flash.  Do I need to do anything with the new system to let you know that the transaction did not go ahead?

Steve Sammartino – rentoid.com rocks!
No it’s fine – I’ll check out the transaction – and ask the member if they want a refund
Thanks for letting me know – and we’ve got a new website launching on August 8th
it’ll be heaps better and easier to use….

Anne Seccombe
Thx.  I presume it’s fallen thru – he said he’d call me back in 5 minutes about 4 hours ago
Cool I’ll keep an eye out for it … it’s a great idea I really hope it’s taking off for you..  Has the Global Financial Crisis helped?

Steve Sammartino – rentoid.com rocks!
One of the features will be an ‘on screen’ Q & A’s which is easier to do… and everyone can see….
Yeh, the GFC has helped demand alot…. our main problem is having enough items to satisfy the demand….

Anne Seccombe
It’s a much better way of doing things, taking the 5% commission as a deposit from the renter.

Steve Sammartino – rentoid.com rocks!
Yeh – we think so….. it’s quicker and not a hassle to the owner…..

Anne Seccombe
Well, I’m doing my bit – I put up a chocolate fountain this afternoon … it’s something we rarely use, but enormous fun when you do. :

Steve Sammartino – rentoid.com rocks!
I’ll do a blog entry on it

promote it for you….

Anne Seccombe
Oh thanks, that’s sweet of you.

Steve Sammartino – rentoid.com rocks!
We never have enough laptops, Xbox 360’s, trailers, Video cameras, Appl Mac’s….

Anne Seccombe
Any hints about things to put up? I’m sure there are heaps of things I could … I just don’t know what people want.  I check the wanted section every now and then, but I never seem to have exactly what people are after

Steve Sammartino – rentoid.com rocks!
Umm I’ll send you an email with the list of items in demand if you want….

Anne Seccombe
Ok thanks that would be great.

Steve Sammartino – rentoid.com rocks!
What’s you email…. I’ll also give you some price guidance….

Anne Seccombe
xxxx@notreal.com

Steve Sammartino – rentoid.com rocks!
we find 5% for a week is a good price – 5% of the items value is a good rental price and 10% of item value for a month…..

Anne Seccombe
Yep, I’ve been using those guidelines since I started.  I don’t know what the chocolate fountain is worth but I thought $25 for a week/party was fair.

Steve Sammartino – rentoid.com rocks!
Any item you want info on how to do – promote – just ask me – I love getting feedback…. because it helps us make the site better….. and the more we spread the word, the more rentals everyone gets….
Are you on twitter?

Anne Seccombe
sort of, reluctantly …also facebook, slightly less reluctantly.. I check it about every 3 months…
Steve Sammartino – rentoid.com rocks!
I really like it – easy b/c it is short and quick to share info / links / ideas
my twitter is @sammartino and rentoid is @rentoid
I put heaps of ideas on there….

Anne Seccombe
I am @xyxyxyxyxyxy (not real)

Steve Sammartino – rentoid.com rocks!
Check this link out I just made: http://twitter.com/sammartino/status/2548382555
Click on the link in the ‘tweet’
I’m sending out a newsletter tomorrow and I’ll make your choccy fountain a ‘feature item’

Anne Seccombe
Excellent! Thanks very much … Do you think the price is reasonable? It was a gift, so I’ve no idea how much they sell for … but it’s awesome fun at a party and I’d gladly pay $25 for a week to rent one

Steve Sammartino – rentoid.com rocks!
I think it’s Ok for a week – with ‘Quirky items‘ price is less important b/c it is for one occasion or a party…. be sure to tag it as ‘Quirky so it appears on the ‘Quirky List’…

Anne Seccombe
l’ll adjust the price and make it $25 for a day, a week, a weekend or a month.  It really doesn’t matter how long they take it for but I wouldn’t want to be fussed for $5 or 10, you know?

Steve Sammartino
Totally – it’s not worth the hassle for $10 It’s like gotta be $20 – you know half a tak of petrol or pay for the Friday night pizza

Anne Seccombe
Shoot, I’ve forgotten how to edit stuff …

Steve Sammartino – rentoid.com rocks!
Go to ‘my rentoid’ – in there are your listed items…. click the ‘edit’ button
the same as listing…

Anne Seccombe
Ah there we are … sorry it was too obvious

Steve Sammartino – rentoid.com rocks!

By the way: the ‘my rentoid’ is going to be a massive improvement very soon with the new site….

Want a sneak preview at the new site?
I have some visuals – shhh it’s a secret…

Anne Seccombe
Ooh yes please

Steve Sammartino – rentoid.com rocks!
Ok – you’re in the ‘circle of trust now’
Stick with me and I’ll give you all the secrets….

Anne Seccombe
Ooh that would be good…

Of course, no worries.  Sadly I can’t interest my friends and partner in Rentoid even when I try   They just get that “Anne’s being a greenie” look on their faces and tune out

Steve Sammartino – rentoid.com rocks!
we can’t all be ‘leading edge innovators’ – they’ll catch on eventually….

I’m a bit ‘green’ too – renting just makes sense…  Same lifestyle – smaller eco footprint.

Anne Seccombe
Yeah, they will… I’ll just keep beating them over the head until they twig

Steve Sammartino – rentoid.com rocks!
You are seriously – my new hero!

Anne Seccombe
Yes, it’s like freecycle only better …

Steve Sammartino – rentoid.com rocks!
Well – people who own stuff should be rewarded financially, in addition it ensure people take care of the stuff.

My vision is a world we’re we all rent from each other – have access to everything we need, without having to buy it all…..

Anne Seccombe
Yes, and it’s so much more convenient to be able to rent things privately when you only need them for a little while.

Steve Sammartino – rentoid.com rocks!
Like I could be a guy with all sporting stuff and you could be a tech person with all high tech stuff – we rent we both benefit.

Anne Seccombe
I think that would be brilliant – I really related to ?what you said in G Mag about how ridiculous it is that everyone in a suburban block has their own lawnmower.  If we were more organised, I’m sure each suburb could make do with a 10th of the stuff they currently ‘need’.

Steve Sammartino – rentoid.com rocks!
Exactly.

Anne Seccombe
Ahhhhh … it’s so good to talk to someone who shares similar views, isn’t it  Gives you that feeling that you can solve all the world’s problems

Steve Sammartino – rentoid.com rocks!
Totally – I loved this chat – so much….

The chat went on – but you get the picture….

Startups all say they want to start a conversation with their people – but it only happens when you create somewhere to chat.

Mark Webber has been racing Formula 1 cars for almost 10 years. A lot of people wrote him off in this time as a hack, a guy who just didn’t have it. Others said he needed a better car.

All I know is this. He didn’t give up – he stayed the course and he just won his first race after 130 starts.

Entrepreneurs – be like Webber.

For tonight’s heavy weight bout for the Boxing Entrepreneurship Championship of the world we have a much anticipated battle with:

“Excellent idea with Average execution”

vs

“Average idea with Excellent execution”

After 10 rounds of fighting the undisputed defending champion of the world title belt was awarded to Average idea with excellent execution who has managed to defends the title for time in perpetuity. In fact Average idea with excellent execution has an unbeaten record versus all other challenges in too many matches to remember.

Startups – your idea isn’t nearly as important as you think it is.

VB have just launched another advertising campaign titled ‘the Regulars’ – which is a shift from the 20 year old ‘Hard earned thirst’ campaign we all know the tune of….

Take a look – then I’ll give you my thoughts below:

I think it is excellent. If this doesn’t turn around the brand, then nothing will (FYI – the brand has had periods decline for many years now).

Why is it excellent?

Well, beer used to be a reward for effort type product in the mainstream beer category. Historically VB fit the mould for labourers, tradesman et al. As we move from a manufacturing to an information society,  hard earned thirst doesn’t seem to make sense, everyday people does. The current social climate has changed and the Regulars reflects this. The execution of the idea is an absolute benchmark and manages to integrate a bit of ‘celebrity’ without alienating the Regulars, in fact – it promotes the everyday man to the celebrity.

This is clearly Radvertising.

I call my mum on the land line or visit her

I call my dad on his mobile / cell phone

I tweet my webby / nerdy friends

I talk face to face with my rentoid team and make sure we are in close physical proximity

I write my ideas on twitter and this blog to people who follow my thoughts

I see my brother every Friday morning for breakfast

I visit my niece and nephews and SMS them often

I skype with friends overseas and work colleagues

I email people in business and meet face to face often

The point is different people have different communication preferences. Right now we’ve never had more options on how to communicate. But the important thing is choosing the right tool for the right person. People who tell me they’ve been messaging me on facebook for months with no reply should realise I don’t go there any more. And we ought do the same and realise where our people want to be contacted.

You have a pulse – it’s important it never stops.

Your business has a pulse – when it stops your customers assume your dead or dying.

This why the following elements are crucial for your business or startup:

• Advertising frequency
• Newsletter updates
• Web page changes
• Twitter feed on your homepage
• Regular blogging
• Returning phone calls & emails the same day
• Speedy invoicing (guilty)
• Product iterations and improvements
• PR & media exposure
• Team, fan, member, evangalist get togethers
• Conversing with your people on line
• Conversing with people off line
• Acknowledging (not hassling) everyone who enters your office, retail space or workshop.

Let your customers know you’re alive, and they’ll treat you like you are. Let them think your dead or dying and they’ll ensure you die for sure.

While watching the BBC television show the Dragons Den, quite often the ‘Dragons’ laugh at a business concept they are presented with and think it is ridiculous.

Here’s the one thing that makes them eat their words every time:

Sales figures. Revenue, Customers, Repeat orders.

It’s only then they change their view from ‘not interested‘, to ‘I’m listening‘.

If you ever want to get investors interested, go see them once you’ve got sales. When you have revenue coming in it puts the kibosh on negative opinions. In addition,  it increases value of your business and reduces the percentage you’d have to give away for a cash investment.